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Original poster

House hunting and feeling dejected

107 replies

TrashPandas · 01/07/2022 14:33

I'm trying to buy my first house in Scotland and getting so dejected. Everything is going for well over the valuation/home report price, and I don't have £30k sitting in the bank to offer over and above the mortgage deposit. The last place I offered on went for a full £45k above valuation.

It's looking like the only way I'll get something is if it's in a horrible area, or it's so run down that it needs £££s of repairs. And again, once I've put down a deposit I won't have all that cash for home improvements. I don't care if the place is horribly decorated or outdated, but even properties in full 70s decor are going for above valuation.

Is there any hope of the market cooling down soon?

OP posts:
RJnomore1 · 20/07/2022 20:40

Any news @TrashPandas ?

Original poster
TrashPandas · 20/07/2022 23:30

I didn't get it. 😞

There's one more I'm going to offer on this week. If I don't get it - and I don't think I will because I can only offer 10% over valuation - I'm taking a break from house hunting for a few months. It's becoming really stressful and I'm having sleepless nights.

I'm thinking the market might cool in October with the next energy bill hikes.

Thank you for thinking of me!

OP posts:
RJnomore1 · 20/07/2022 23:43

It is really stressful. We moved 3 years ago and it was stressful then, and the market is more active now. Don’t be down heartened - I know it’s trite to say what’s for you etc but after not getting a few this one fell into our laps and it’s so much better than the other ones… the right one will come along for you. But you’re right to think about how it’s affecting you, it’s easy to become frantic.

NonnyMouse1337 · 21/07/2022 00:27

Sorry to hear you didn't get it, TrashPandas ☹️.
Taking a break might be a good idea. Keep saving as much as you can in the meantime! I'm sure the market will cool down at some point. Even if it's a marginal downturn, it might make all the difference in your offer being accepted. Good luck!

readsalotgirl63 · 21/07/2022 10:31

Agree it might be trite but its very true. Also easy to say but true is that it is essential not to get over invested emotionally - it is a big financial decision so important to keep a clear head and not get panicked into anything.
Good luck and keep us posted

user143677433 · 21/07/2022 11:53

Really sorry you didn’t get it. I hope the right one comes along soon.

Original poster
TrashPandas · 25/07/2022 16:58

I was all ready to take a long break then one came on the market that has me all excited again. I can offer about 14% over asking and it's just a few miles from a good friend's house.

So now I'm excited again instead of all stressed!

OP posts:
Mum5net · 25/07/2022 19:17

Woot toot! Compared to the last one is this new one better or the same?

NonnyMouse1337 · 25/07/2022 19:32

Oohh how exciting!!!! 😄

Original poster
TrashPandas · 25/07/2022 20:24

This one is valued £40k less. Quite a few 2s on the home report (no 3s) and needs updating, but it's perfectly liveable in its current state. I can see a lot of potential!

My friend nearby says that area is pretty cheap because it's a boring commuter town, but that doesn't bother me.

OP posts:
Mum5net · 26/07/2022 14:28

Boring commuter town is your friend being positive or negative on this?
It's good to have decent public transport on your doorstep if you don't have someone to give you lifts. My checklist also includes that you can walk to get bread and milk, a nice sunny window that looks onto something interesting and somewhere where you feel safe at night. Fingers crossed for you.

Original poster
TrashPandas · 26/07/2022 16:45

She lives in the same town so I don't think it was negative, just... matter of fact? It came about because I asked her why this house is so much cheaper than most of the ones I've looked at, and she said it would be the location - no problems with crime or anything, but it's boring.

I'm not exactly the life and soul of the party so a boring commuter town suits me fine 😁

OP posts:
Mum5net · 26/07/2022 20:40

Can’t lie. I’m in a boring commuter town too.

MrsAmaretto · 26/07/2022 22:19

@TrashPandas are you waiting until closing dates are set or are you making an offer to the seller after you’ve viewed? You are in a strong position and attractive as a first time buyer with your ducks in order.

Original poster
TrashPandas · 27/07/2022 08:56

Do you think? A few conveyancers told me not to show my hand too quickly, I.e. wait for closing date. My friends have been telling me to offer before but they all bought their houses for valuation price when the market was very different. I don't know what to do to be honest, it's all so overwhelming as a first time buyer.

OP posts:
RJnomore1 · 27/07/2022 09:10

In this market I think I’d wait. Estate agents will push for the highest price and while they can’t tell someone else what you offer they can say eg I think you’d need to up
thsr based on what we know. Actually perhaps I’m wrong, one did tell me what had been offered on a house we viewed when we were debating offering ourselves three years ago.

Another tip - don’t offer a round amount. Eh if your top price is £110,000 offer £110, 136.

Original poster
TrashPandas · 27/07/2022 09:51

That's a great tip, I never thought of that!

OP posts:
drawacircleroundit · 27/07/2022 09:58

For what it’s worth, I would love love love to be a first time buyer. The stress of having to sell, and impotently watch as a chain wriggles and jostles its way to completion, is putting me off moving altogether, and I need to move.
I once sold and moved into rented to become (in logistical terms at least) a first time buyer. It meant I could swoop in on a collapsed chain and I got a good deal.
but I’m in the UK and our conveyancing laws are batshit, so this might not be relevant in your case.
but it might be nice to know that someone is jealous of you! X

Original poster
TrashPandas · 27/07/2022 10:02

Aw I'm sorry drawacircleroundit. The English (and Welsh?) system fills me with absolute dread - I don't know how anybody manages to get anything bought or sold.

How about moving to Scotland? Grin

OP posts:
Original poster
TrashPandas · 02/08/2022 17:40

I offered on another house and came in second, which was encouraging. It was less encouraging that the winning bid was £15,000 more than mine, meaning at least 20% over valuation. Apparently even the estate agent was shocked.

OP posts:
RJnomore1 · 02/08/2022 18:08

Well the good thing is you are getting closer!

NonnyMouse1337 · 02/08/2022 22:09

Definitely encouraging that you came second, TrashPandas but not so good that you were £15k behind! ☹️

ScampiFlies · 02/08/2022 22:30

Could you ask your friends to mention to people they know about anything coming up?
My mum was telling her mate about our situation (small budget, needed two beds at least) and her mate told her neighbour and we ended up with our house through a probate sale. Also in a boring commuter town.

Original poster
TrashPandas · 03/08/2022 10:01

My friends are on it. They send me links to properties all the time Smile
It would be lovely if a friend-of-a-friend sale came up!

OP posts: